The shares of Maruti Suzuki have hit a fresh high of exact Rs. 10000 in intraday trade today on the BSE riding by 2% in early trade. For the first time ever the auto-giant has breached the 10000 mark. On the NSE, the scrip touched an intraday high of Rs. 9996.4.
So far since January this year, the scrip has returned over 85% gains and at the current market price commands a market capitalisation of 2.99 lakh crore. On the back of sharp rally in the stock price of Maruti Suzuki, the company got ahead of SBI earlier this month in respect of market cap and became the sixth most valued brand in India.
Most of the global brokerages even at the current high valuation recommend a buy strategy for the scrip. Morgan Stanley has upped its target price and in case of bull run sees the stock to hit levels of Rs. 14,400. The company is of the view that MSIL's end- market opportunity as well as higher RoCE is supporting valuation.
At 11:55 am, the stock was trading with 0.91% gains at Rs. 9893.55